RICHMOND-Landmark Apartment Trust of America, a multifamily REIT, has been on an acquisition spree over the past year. Last week it announced it picked up some 1,346 units with its $98.2 million acquisition of four properties. At the start of the month it revealed it acquired two multifamily properties for $33.5 million. The properties, located in Dallas and Nashville, Tenn., total 454 units.
There is more to come, Stanley J. Olander, CEO of the REIT, tells GlobeSt.com: the REIT has some $400 million worth of acquisitions in the negotiation stage right now that it plans to close by year end.
The company's strategy is simple, Olander says: "we are buying in the southern US states because that is where the demographic growth is. We are buying properties were people are moving to. In Texas, for instance, we have big presence."
When it has enough properties under its belt, Landmark Apartment Trust plans to go public, Olander says. "We are a non-traded public company and our goal is to be large enough to list shares on a national exchange." Next year is a possible target date, he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
